Senate FTX hearing: calls for regulation and crypto criticisms aplenty
"Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped," said Senator Pat T
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"Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped," said Senator Pat T
While Congressman Brad Sherman saw SBF as the poster child of the crypto ecosystem, congressman Tom Emmer highlighted the crypto community's contribution to uncovering the supposed FTX fraud.
Some members of the U.S. House of Representatives questioned whether Sam Bankman-Fried’s actions at FTX and Alameda may have been willful or due to gross incompetence.
SBF blamed the current CEO, his legal counsel, the law firm he appointed for bankruptcy, and Binance CEO CZ, without admitting any wrong on his part.
SBF’s last tweet before his arrest for reportedly committing wire fraud was dispelling his involvement in a group chat purportedly called “Wirefraud.”
Countering some of SBF's claims, John Ray said that “FTX US was not operated independently of FTX.com” and a Chapter 11 filing was necessary to avoid a bank run.
Sam Bankman-Fried is willing to testify before the Financial Services Committee of the U.S. House of Representatives on Dec. 13.
The former CEO previously missed the deadline to confirm his appearance before the Senate Banking Committee, despite the threat of a subpoena.
FTX CEO John Ray, actor Ben McKenzie and law professor Hilary Allen have been confirmed, while SBF, Kevin O'Leary, and Alameda CEO Caroline Ellison could still testify.
Despite missing a response deadline, Sam Bankman-Fried says he’s willing to testify at a U.S. Senate hearing into the collapse of FTX.